BSE: 544013
KK Shah Hospitals Limited
Operates a hospital in Ratlam, Madhya Pradesh, offering inpatient medical care along with diagnostic and ophthalmology services. A new diagnostic centre has been set up with a GE Revolution Evo 64-Slice Cardiac CT Scanner, and an OERTLI Catarex 3 Easy phacoemulsification machine has been installed for cataract surgery. The hospital is empanelled with the Government's Ayushman Bharat PMJAY scheme and with Indian Railways, including the Western Railway Hospital at Ratlam, for institutional healthcare delivery. FY26 total revenue was Rs 961.71 lakhs, marginally above Rs 955.40 lakhs in FY25, but the company swung to a wider net loss of Rs 62.27 lakhs (versus Rs 32.72 lakhs in the prior year). Other operating expenses made up 63.3% of revenue and employee costs 28.5%; finance costs surged to Rs 168.37 lakhs from Rs 101.27 lakhs. Capex was 69.9% of revenue, indicating a heavy investment phase, and reserves and surplus fell from Rs 660.74 lakhs to Rs 598.47 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospital and inpatient services, Diagnostic services, Ophthalmology services. Small, loss-making hospital in a heavy investment phase, asset-heavy and dependent on institutional empanelments
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 7 | 9 | 9 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 1.07 | 0.48 | 5.38 |
| ROE % · ROCE % | — · 0.5 | — · (2.4) | — · (5.7) |
| Debt / equity (x) | — | — | — |
| Cash from operations | (39) | 2 | 1 |
| Capex | — | (7) | (7) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 4 | 5 | 5 | 5 |
| Profit before tax | 0 | 0 | (0) | (0) | (1) |
| Net profit | — | — | — | — | — |
| EPS (₹) | 0.65 | 0.55 | 1.03 | 0.48 | 0.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 42.0 | 9 of 30 | 72% |
| ROCE | (5.7) | 10.9 | 30 of 30 | 0% |
| Revenue growth | 32.1 | 20.2 | 6 of 23 | 77% |
| Market cap | 31 | 2462 | 28 of 30 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Shareholding entirely in demat form; Regulation 74(5) not applicable | compliance | minimal | — | — |
| 21 Oct 2026 · Board meeting to approve half-year results on October 29, 2026 | results | low | — | — |
| 30 Sept 2026 · Trading Window Closed for Half Yearly Results 2026 | compliance | minimal | — | — |
| 19 Aug 2026 · AGM Results: All 3 Resolutions Passed Unanimously at KK Shah Hospitals | board shareholder meetings | low | — | — |
| 18 Aug 2026 · KK Shah Hospitals 4th AGM proceedings filed; three items tabled | board shareholder meetings | low | — | — |
| 25 Jul 2026 · KK Shah Hospitals 4th AGM notice on Aug 18 2026; FY26 net loss widens to Rs 62.27 lakh | board shareholder meetings | low | — | — |
| 25 Jul 2026 · AGM Notice and Annual Report FY 2025-26 submitted to BSE | board shareholder meetings | low | — | — |
| 24 Jul 2026 · Board approves FY26 Director's Report; 4th AGM set for Aug 18, 2026 | board shareholder meetings | medium | — | — |
| 13 Jul 2026 · Compliance certificate for demat shares - Q1 FY27 | compliance | minimal | — | — |
| 1 Jul 2026 · New diagnostic centre setup with GE 64-slice cardiac CT scanner installed | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.